gold bull setup.

27 Haz 2017

No follow through to the down side after a large range down bar break the support and close well of the low, the next day failed to warrant sellers and close higher. the price action is formed near like harami bullish pattern. This price action setup formed near the support up trend line, it may not touch the exact line of support, a wash of the 3 consecutive up bar are enough for me to consider it as support line 1240 area.

28 Haz 2017

İşlem aktif

Price action encounter selling, it is struggling to test that previous high made last 6/26 and manage to close a little bit higher, if the dollar weakness continues the gold still have a chance to rally and take out that previous high, on the weakness side the gold might fall back and test the low of the wide range red candle.

28 Haz 2017

İşlem aktif

My plan is to place stop closer to decrease risk, use the lower time frame for support line.

29 Haz 2017

İşlem elle kapatılmış

Closed this trade upon reviewing the 4h chart, take a little bit of profit, i think the weak close yesterday reflect that the buyers are not defending their position.